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EUR/USD Forecast: bearish bias remains, 1.20 might continue to cap immediate upside

Written by Haresh Menghani | 2018-01-11 05:48:10 GMT

The buck got an additional boost after a Chinese government source clarified on Thursday that media reports could be based on wrong information. The pair now seems to have stabilized as traders now look forward to the ECB Monetary Policy Meeting Accounts (minutes) and the US PPI figures for some fresh impetus. 

Yesterday's price action clearly indicates heavy selling interest around the 1.20 handle, which adds credence to the bearish double-top chart pattern formation on daily charts. A sustained break below the 1.1925-20 immediate support would reinforce the bearish outlook and accelerate the slide towards 1.1885 support, marking 38.2% Fibonacci retracement level of 1.1554-1.2089 recent upswing. The downward trajectory could further get extended towards the 1.1800 handle, nearing 50% Fibonacci retracement level. 

On the flip side, any up-move above 1.1970-75 immediate resistance might continue to confront fresh supply near the 1.2010-20 region, which if cleared might lift the pair back towards 1.2060-70 supply zone. The key upside resistance remains near the 1.2090 area - September 2017 yearly tops, above which the pair is likely to aim towards testing its next major hurdle near the 1.2165 region.

Author

Haresh Menghani
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